According to CoinMeta, cryptocurrencies experienced a significant decline over the weekend, with Bitcoin falling to a three-month low above $63,000, resulting in the forced liquidation of numerous leveraged long positions. On Saturday, Bitcoin fell by 5.7% during U.S. trading hours, and continued to decline on Sunday during Asian trading hours, hitting a low of $63,311 and losing another 1.7%, reaching its lowest level since August 17. Ethereum, the second-largest cryptocurrency, tumbled by 8% during U.S. trading hours and fell to $1,731 on Sunday, marking a low since July 9. Rich Rosenblum, co-founder of cryptocurrency market maker GSR, stated, "I think this is a technical market movement. Bitcoin broke below its 200-day moving average of around $73,000, triggering large-scale liquidations and simultaneously creating new short positions." In recent weeks, multiple factors have been putting pressure on cryptocurrencies: market expectations for high interest rates, a significant outflow of funds from U.S. spot Bitcoin ETF, the retreat of the AI market leading to risk aversion, and the subsequent impact of the $6 billion theft incident at Binance. Since October 21, Bitcoin has fallen by approximately 25%. Its intraday low was $57,742, reached on July 1.